China: Wire Rod Export Offers Surge Despite Stability in Spot Market

Chinese wire rod export prices picked up by USD 5/MT. However, spot offers remained stable amid improved trade activities.

The fresh export offers for Q235 8 mm wire rod are assessed at USD 440-445/MT FoB, with increase of USD 5/MT W-o-W.

With stability, domestic prices for same grade material are assessed at RMB 3,950/MT (USD 580) East Region, Shanghai and RMB 3,640/MT (USD 535) North Region, Beijing.

One of the large steel maker in East China, Shagang cut the long steel prices by RMB 120/MT (USD 18) for both rebar and wire rod amid slight change in the spot prices. The rebar offers by the producer are witnessed at RMB 3,730/MT (USD 549) and wire rod at RMB 3,540/MT (USD 521)after mid-june deliveries.

South East Asian markets remained quiet as importers already possess the stock and the market is still bearish due to the Ramada festival. South East Asian Import offers slashed by USD 15/MT to USD 440-445/MT.

CIS exporters hold the offers firms at USD 435-440/MT due to surge in Chinese export offers; the CIS export offers became very competitive to Chinese offers.

Source: SteelMint Research